Were do you start at when you want to refinance an loan on a car and whats some pro and cons?

Answers:0   |   LastUpdateAt:2012-11-05 09:30:03  

Question
Sister. °
Asked at 2012-09-22 16:17:01
They start when you want to refinance a car loan and what some pros and cons ?
Answer1khrista cyrusAnswered at 2012-11-05 09:28:26
When you refinance a car it is much best if you have a local credit union they tend to give less interest rates. But the big decision you want to make is whether or not the refinance is actually worth it you have to look at a number of factors. Just how old your vehicle is to determine it its worth refinancing for xxx amount of years. Also you want to look at your current interest rate if you are paying anything over 10% it is extremely to high. The pros's is if the new lender is offering you a lower interest rate your payments will be cheaper and you'll save money in the long run. It will also allow you to "stretch" out the terms and give you longer than your Original loan contract was.The con's is if you are flipped upside in the car (meaning owing much more than it is worth) you'll almost never get out of the vehicle until you pay it off. Also a lot of banks are really IFFY about refinances and don't want to do it at a lower interest rate. If your credit has improved since buying your car your current APR is ridiculously high than definitely do it.
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